Binance Completes 16th Quarterly Burn Of 1,296,728 BNB

Crypto exchange Binance has completed its quarterly BNB burn, burning a total of  1,296,728 Binance Coin (BNB), worth approximately $ 393,673,653. With this recent burn, the total supply of BNB has officially decreased from 169,432,937 BNB to 168,136,209 BNB.

After launching its native token in 2017 by ICO. In the first whitepaper, Binance says for burns it uses 20% of its profits to buy Binance Coin on the open market and burn them up to a maximum of 50% of its supply.

However, since September 2020, it’s no longer the case. The current version of the white paper states that the number of tokens that Binance destroys every quarter is determined by the trading volumes on its crypto-to-crypto platform that were recorded during the previous quarter.

Last quarter, Binance burned a record-breaking $595 million worth of BNB.

At press time, BNB price is trading around $ 300, rising from $38 in January to ATH of $638.57, according to Tradingview.

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